Gold futures hover around record highMarch 2nd, 2009 - 5:32 pm ICT by IANS
Mumbai, March 2 (IANS) Gold was hovering around Rs.16,040 per 10 grams in intra-day trade Monday, an all-time trading price high, with consumers avoiding buying new gold and preferring to exchange old gold for new.
Around 1:40 p.m., gold’s April futures prices touched a high of Rs.15,968 per 10 grams at the Multi Commodity Exchange as the rupee continued to reign at over Rs.50 to the dollar.
The benchmark April gold was up 2.1 percent at Rs.15,831 per 10 grams around 3:30 p.m. The precious metal’s contract had struck its record high of Rs.16,040 Feb 20. Silver’s April futures were trading at Rs.22,716 per kilogram around the same time.
The country did not import any gold in February as demand remained slack owing to high prices.